May 11, 2022 11:07
The Korea Composite Stock Price Index has fallen below the psychologically important 2,600 points for the first time in 17 months.
The KOSPI dropped to 2,550 points at one point in intraday trading on Tuesday, but closed at 2,596.56, down 0.6 percent from the previous session.
The junior Kosdaq also fell below 860 points. U.S. stocks declined overnight with the S&P 500 falling below the 4,000-point level for the first time since March of 2021.
Global stock markets are reeling from the U.S. Federal Reserve's impending hike of interest rates at the fastest clip in 30 years to tame inflation, while Russia's invasion of Ukraine and mass lockdowns in China are compounding market jitters.
The Fed's accelerated rate hike is feared to lead to an economic slowdown.
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